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After Texas Cold Snap, NRG Energy Sees $750 Million Loss swfinstitute.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from swfinstitute.org Daily Mail and Mail on Sunday newspapers.
NRG Energy Sees $750 Million Loss Following Texas Cold Snap
Bloomberg 4 days ago Will Wade and Naureen S. Malik
(Bloomberg) NRG Energy Inc. withdrew an earlier full-year profit forecast and said it expects a $750 million loss due to the brutal cold snap that froze Texas and led to sweeping blackouts.
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“Based on the new information available to us today, we are unable to provide financial guidance due to the unprecedented and unpredictable market outcomes resulting from winter storm Uri,” Chief Executive Officer Mauricio Gutierrez said Wednesday in a statement.
NRG is the latest power company to report taking a hit from the bitter cold after electricity prices surged to $9,000 a megawatt-hour during the blackouts and providers had to turn to the spot market to meet contractual obligations. State lawmakers are considering a plan to claw back some of those payments, though it’s faced significant barriers.
Power giant NRG Energy expects a $750 million hit from the Texas cold crisis dallasnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dallasnews.com Daily Mail and Mail on Sunday newspapers.